# Triad Investment Management

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1615717. Source: https://holderbook.com/funds/1615717-triad-investment-management/

- Reported value: $90.7M
- Positions: 34
- Weight of the ten largest: 52.0%
- Filed: 2026-07-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $5.9M | 871 | 6.5% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $5.3M | 14,879 | 5.8% | 8 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $5.2M | 15,189 | 5.7% | 13 |
| WHITE MTNS INS GROUP LTD | [WTM](https://holderbook.com/stocks/WTM/) | $5.1M | 2,471 | 5.6% | 13 |
| MEDIAALPHA INC | [MAX](https://holderbook.com/stocks/MAX/) | $4.6M | 368,731 | 5.1% | 8 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $4.4M | 2,219 | 4.9% | 3 |
| CDW CORP | [CDW](https://holderbook.com/stocks/CDW/) | $4.3M | 30,540 | 4.7% | 15 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $4.2M | 12,358 | 4.6% | 13 |
| BROWN & BROWN INC | [BRO](https://holderbook.com/stocks/BRO/) | $4.1M | 64,611 | 4.6% | 13 |
| GARTNER INC | [IT](https://holderbook.com/stocks/IT/) | $4.0M | 30,530 | 4.4% | 14 |
| THOR INDS INC | [THO](https://holderbook.com/stocks/THO/) | $3.9M | 51,900 | 4.3% | 22 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $3.5M | 71,706 | 3.9% | 13 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.2M | 6,332 | 3.5% | 14 |
| HEICO CORP NEW | [HEIA](https://holderbook.com/stocks/HEIA/) | $3.0M | 11,702 | 3.3% | 3 |
| MACERICH CO | [MAC](https://holderbook.com/stocks/MAC/) | $2.7M | 106,916 | 3.0% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.5M | 6,635 | 2.7% | 22 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $2.4M | 5,857 | 2.6% | 13 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $2.2M | 8,559 | 2.5% | 8 |
| BLACKROCK ETF TRUST II | [BINC](https://holderbook.com/stocks/BINC/) | $2.1M | 39,738 | 2.3% | 3 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $2.1M | 35,516 | 2.3% | 6 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $2.0M | 20,915 | 2.2% | 1 |
| HERCULES CAPITAL INC | [HTGC](https://holderbook.com/stocks/HTGC/) | $2.0M | 125,009 | 2.2% | 17 |
| PROFESIONALLY MANAGED PORTFO | [AKRE](https://holderbook.com/stocks/AKRE/) | $1.9M | 36,586 | 2.1% | 2 |
| SLR INVESTMENT CORP | [SLRC](https://holderbook.com/stocks/SLRC/) | $1.9M | 152,053 | 2.1% | 17 |
| NXP SEMICONDUCTORS N V | [NXPI](https://holderbook.com/stocks/NXPI/) | $1.8M | 6,552 | 2.0% | 3 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $1.5M | 4,296 | 1.6% | 22 |
| OAKTREE SPECIALTY LENDING | [OCSL](https://holderbook.com/stocks/OCSL/) | $1.1M | 88,563 | 1.2% | 8 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $1.0M | 2,445 | 1.1% | 8 |
| LISTED FDS TR | [INFL](https://holderbook.com/stocks/INFL/) | $959.7K | 19,241 | 1.1% | 2 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $613.3K | 2,415 | 0.7% | 22 |
| SIRIUSXM HOLDINGS INC | [SIRI](https://holderbook.com/stocks/SIRI/) | $372.2K | 12,602 | 0.4% | 3 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $360.9K | 19,474 | 0.4% | 3 |
| CBRE GROUP INC | [CBRE](https://holderbook.com/stocks/CBRE/) | $249.4K | 1,852 | 0.3% | 16 |
| SIXTH STREET SPECIALTY LENDI | [TSLX](https://holderbook.com/stocks/TSLX/) | $241.8K | 14,080 | 0.3% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.4% | +14.8% | -8.4% | 100% |
| Q1 2026 | -10.4% | -4.6% | -5.8% | 100% |
| Q2 2024 | -7.9% | +4.0% | -11.9% | 100% |
| Q1 2024 | +11.5% | +10.0% | +1.4% | 100% |
| Q4 2023 | +10.9% | +11.2% | -0.2% | 100% |
| Q3 2023 | -3.6% | -3.6% | -0.1% | 98% |
| Q2 2023 | +5.1% | +8.3% | -3.2% | 98% |
| Q1 2023 | +3.0% | +7.0% | -4.1% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $90.7M | 34 |
| Q1 2026 | $84.7M | 36 |
| Q4 2025 | $98.7M | 36 |
| Q1 2024 | $82.4M | 42 |
| Q4 2023 | $76.2M | 44 |
| Q3 2023 | $68.5M | 46 |
| Q2 2023 | $71.9M | 57 |
| Q1 2023 | $68.8M | 59 |
| Q4 2022 | $63.9M | 56 |
| Q3 2022 | $57.6M | 55 |
| Q2 2022 | $67.5M | 60 |
| Q1 2022 | $105.7M | 62 |